Most financial systems around the world have imposed new capital requirements for banks in the past years. This policy seems to be justified on two powerful economic grounds. First, better capitalized banks promote financial stability by reducing banks’ incentives to take risks and increasing banks’ buffers against losses. Second, lack of compliance with a set of rules established by the Basel Committee may harm confidence on a country´s financial system. While acknowledging these potential benefits, this paper makes the often overlooked point that the full implementation of Basel capital requirements may be socially undesirable for poorer countries seeking to develop their economies. On the one hand, higher capital requirements may reduce people´s access to finance, which can be particularly problematic in emerging countries with less developed capital markets and greater problems of financial exclusion. On the other hand, the one-size-fits-all model incentivized by the Basel Committee does not take into account many emerging countries’ social and economic markets, infrastructures and priorities. In our opinion, the presence and power of certain countries in the Basel Committee makes Basel recommendations partially biased toward those problems existing in these jurisdictions. Based on the aforementioned problems, this paper suggests some policy recommendations to promote a more resilient financial system without hampering financial inclusion and economic growth.

中文翻译：

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实施巴塞尔资本要求的阴暗面：理论、证据和政策

过去几年，世界上大多数金融系统都对银行提出了新的资本要求。这一政策似乎有两个强有力的经济理由。首先，资本充足的银行通过减少银行承担风险的动机和增加银行对损失的缓冲来促进金融稳定。其次，不遵守巴塞尔委员会制定的一套规则可能会损害对一个国家金融体系的信心。在承认这些潜在好处的同时，本文提出了一个经常被忽视的观点，即巴塞尔资本要求的全面实施对于寻求发展其经济的较贫穷国家来说可能在社会上是不受欢迎的。一方面，更高的资本要求可能会减少人们获得融资的机会，这在资本市场欠发达和金融排斥问题更大的新兴国家尤其成问题。另一方面，巴塞尔委员会鼓励的一刀切模式没有考虑到许多新兴国家的社会和经济市场、基础设施和优先事项。我们认为，巴塞尔委员会中某些国家的存在和权力使得巴塞尔建议部分偏向于这些司法管辖区存在的问题。基于上述问题，本文提出了一些政策建议，以在不妨碍金融包容性和经济增长的情况下促进更具弹性的金融体系。巴塞尔委员会鼓励的一刀切模式没有考虑到许多新兴国家的社会和经济市场、基础设施和优先事项。我们认为，巴塞尔委员会中某些国家的存在和权力使得巴塞尔建议部分偏向于这些司法管辖区存在的问题。基于上述问题，本文提出了一些政策建议，以在不妨碍金融包容性和经济增长的情况下促进更具弹性的金融体系。巴塞尔委员会鼓励的一刀切模式没有考虑到许多新兴国家的社会和经济市场、基础设施和优先事项。我们认为，巴塞尔委员会中某些国家的存在和权力使得巴塞尔建议部分偏向于这些司法管辖区存在的问题。基于上述问题，本文提出了一些政策建议，以在不妨碍金融包容性和经济增长的情况下促进更具弹性的金融体系。